A Quote by T.R. Reid
President Trump repeatedly says that "America is the highest-taxed country in the world." This is an alternative fact. We pay less in taxes, and our government spends less, as a share of our total wealth, than our counterparts in Western Europe and East Asia. But Trump is right when it comes to corporate tax rates; the U.S. corporate income tax right is among the highest in the world.
Quote Topics
Quote Author
Related Quotes
We're bringing the corporate rate down to 20 percent from 35 percent. That's a massive - this will be the biggest tax cut in history. In the history of our country. And that's great. And we need it. Because right now, our country's about the highest taxed or certainly one of the highest taxed in the world. And we can't have that. So we're going to have a country that's toward the lower end.
High tax rates distort economic decision making, and our corporate income tax rate is one of the highest in the world.
The truth is, our corporate income taxes are some of the highest in the world, and frankly, in my judgment it's unpatriotic if you're not for reducing the corporate income tax. We want to make it so American companies are on a more level playing field competing with companies around the world.
Research has shown that middle-income wage earners would benefit most from a large reduction in corporate tax rates. The corporate tax is not a rich-man's tax. Corporations don't even pay it. They just pass the tax on in terms of lower wages and benefits, higher consumer prices, and less stockholder value.
I forget what the relevant American rate is, but I can tell you that our goal is to have a combined federal-provincial corporate tax rate of no more than 25 percent. We're on target to do that by 2012. We will have significantly - by a significant margin the lowest corporate tax rates in the G-7, and that's our - our government's objective.
You got to remember, S corporations pay one layer of tax, corporations pay two layers of tax. So we basically see equivalent, but here`s the point. The rest of the world, they tax their businesses at an average rate in the industrialized world of 23 percent. Our corporate is 35. Our top S corporate, small business rate is 44.6 effectively. This is killing us.
North Carolina needs to revamp the tax code completely. We have some of the highest tax rates, like the corporate tax rate, in the country.
Thing we're trying to add to this is that lower corporate tax rates as we try and spur the economy. So that's where the Donald Trump attention is. The president's attention is on the middle class, making sure that's simple, fair and better. And then on the corporate tax rate, to try and get folks to invest in America again. His focus has not been on the impact on the top 1 percent.
Donald Trump wants to dramatically reduce America's corporate tax rate (to 15%) and thereby unleash economic growth. Hillary Clinton hasn't said a word about lowering corporate tax rates. Being a Fedzillacrat, you don't need to be an economic soothsayer to know that she supports taxing the producers and further strangling America's anemic economy.
Now, the president would like to do tax reform, which would obviously lower rates for most people in America and make the tax code fair and get rid of loopholes and special treatment. But absent tax reform, the president believes the right way to get our fiscal house in order is ask the wealthy to pay their fair share.
Let's take the nine states that have no income tax and compare them with the nine states with the highest income tax rates in the nation. If you look at the economic metrics over the last decade for both groups, the zero-income-tax-rate states outperform the highest-income-tax-rate states by a fairly sizable amount.
In a perfect world we would bring corporate tax rates down to 25% or less so we can get competitive in the world economy. Ultimately, I would love to see a flat tax.
Any reduction in the corporate tax rate must also come with closing loopholes that have allowed the largest businesses in our country to pay less than they owe.
We also need to reduce corporate tax rates. This applies to small, medium and large businesses. At 35 percent, we have the second highest corporate rates in the world. It restricts the growth of small enterprises that need to plow capital back into their businesses and forces companies and jobs to move overseas.
Trump himself stands to benefit dramatically from the tax cuts. One of the things they're cutting is the alternative minimum tax. Last time we have tax returns for him was in 2005, where he paid about $31 million because of the alternative minimum tax. He won't have to pay that, if this tax bill goes through. So, not only is he reordering our constitutional democracy, he is personally enriching himself - which is not new, because, of course, he's done it ever since he swore an oath to become president of the United States.
It was an easy thing to tax for a young country. And then gradually we moved to property taxes, manufacturing taxes, and the income tax was the answer to a populist demand: Let's go after the rich guys. We got into World War I, and they raised the rates and started taxing the rich. Then we got into World War II, and that's when they taxed everybody, because they just needed more revenue.
Related Authors
Ari Shavit Quotes
Israeli
Reporter
Charlie Cook Quotes
American
Reporter
Christopher Michael Cillizza Quotes
American
Reporter
Daisy Whitney Quotes
American
Reporter
David Folkenflik Quotes
American
Reporter
Hank Phillippi Ryan Quotes
American
Reporter
Hedrick Smith Quotes
American
Reporter
Israel Shenker Quotes
American
Reporter
Martha Raddatz Quotes
American
Reporter
Nancy Banks-Smith Quotes
British
Reporter
Sue Johnson Quotes
British
Reporter
Sylvia Poggioli Quotes
American
Reporter
